MAY 2, 2017

Laval, Quebec, CANADA

2017 Annual Meeting Of Shareholders

BOARD OF DIRECTORS

Joseph C. Papa

Chairman

Richard U. DeSchutter

Dr. Frederic N. Eshelman

D. Robert Hale

Dr. Argeris (Jerry) Karabelas

Sarah B. Kavanagh

Robert N. Power

Russel C. Robertson

Thomas W. Ross, Sr.

Amy B. Wechsler, M.D.

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Introductions

Remarks from Chairman & CEO Joseph C. Papa 2017 Annual Meeting of Shareholders

May 2, 2017

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Forward-Looking Statements

Certain statements made in this presentation may constitute forward-looking statements, including, but not limited to, statements regarding expected future performance of Valeant Pharmaceuticals International, Inc. (“Valeant” or the “Company”), including guidance with respect to Total Revenues and Adjusted EBITDA (non-GAAP) (as discussed and defined below) and the assumptions used in connection with such guidance, the closing of the Company’s pending divestitures and other transactions and the anticipated timing of such closings, the anticipated impact on the Company’s financial condition of completed, pending and future divestitures, the anticipated timing of the loss of exclusivity of certain of our products, the expected impact of such loss of exclusivity on our financial condition and our ability to offset such impact, the anticipated submission, approval and launch dates for certain of our pipeline products and R&D programs, the anticipated timing of receipt of clinical and pre-clinical results or data for certain of our pipeline products and R&D programs, the expected growth of the Company’s operating and reportable segments, anticipated Fx impact, anticipated debt reduction and repayment (including our ability to pay down debt, the availability of divestiture proceeds and operating cash flow for such purpose and the amount and timing of such debt paydown), the ability of the Company to remain in compliance with the financial maintenance covenants under its credit facilities and indentures, our ability to rebuild the Company’s reputation with certain third parties (including doctors, payers and patients), the anticipated growth and volume of prescriptions for certain of our products, the timing of our brand for generics pilot program with Walgreens, anticipated salesforce expansions and the expected impact of such expansions, anticipated investments in R&D, manufacturing capabilities and new product launches and re-launches, and the Company’s mission and the plans, goals and strategies related thereto. Forward-looking statements may generally be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “will,” “believes,” “estimates,” “potential,” “target,” or “continue” and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in the Company's most recent annual and quarterly reports and detailed from time to time in Valeant’s other filings with the Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Valeant undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect actual outcomes, except as required by law.

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Non-GAAP Information Recent Assessment of Financial Performance Measures Recently, the Company’s new management team undertook an evaluation of how it would measure the financial performance of the Company going forward. In evaluating its financial performance measures, the Company considered its recent changes to its strategy (which included a transition away from growth by acquisition with a greater focus on R&D activity, strengthening of the balance sheet through the paydown of debt and rationalization of the product portfolio through divestitures of non-core assets) and sought to identify performance measures that best reflected the Company’s current business operations, strategy and goals. As a result of that evaluation, new management identified the following primary financial performance measures for the Company: GAAP Revenues (measure for both guidance and actual results), GAAP Net Income (measure for actual results), Adjusted EBITDA (non-GAAP) (measure for both guidance and actual results) and GAAP Cash Flow from Operations (measure for actual results). These measures were selected as the Company believes that these measures most appropriately reflect how the Company measures the business internally and sets operational goals and incentives. For example, the Company believes that adjusted EBITDA (non-GAAP) focuses management on the Company’s underlying operational results and true business performance, while GAAP revenue focuses management on the overall growth of the business. These new measures will be used on a going forward basis, commencing with 2017 guidance. For the purposes of the Company’s actual results for the full year 2016 and the fourth quarter ended December 31, 2016, the Company will continue to use the financial performance measures it has historically used, following which the Company will discontinue the use of certain of these historic measures, such as Adjusted EPS (non-GAAP) and Adjusted Net Income (non-GAAP). Use of Non-GAAP Generally To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures including (i) Adjusted Earnings per Share (“EPS”) (non-GAAP), (ii) Adjusted Net Income (non-GAAP), (iii) Adjusted EBITDA (non-GAAP), (iv) Adjusted Cost of Goods (COGS) (non-GAAP), (v) Adjusted Selling, general and administrative (SG&A) (non-GAAP)/Segment Adjusted SG&A (non-GAAP), (vi) Adjusted Research & Development (R&D) (non-GAAP)/Segment Adjusted R&D (non-GAAP), (vii) R&D Investment (non-GAAP), (viii) Adjusted Operating Margin (non-GAAP)/Segment Adjusted Operating Margin (non-GAAP), (ix) Gross Margin (non-GAAP)/Segment Adjusted Gross Margin (non-GAAP), (x) Adjusted Tax Rate, (xi) EBITDA, and (xii) EBITA.

The reconciliations of these historic non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP can be found in the appendix to this presentation. Other than with respect to Total Revenues, the Company only provides guidance on a non-GAAP basis and does not provide reconciliations of such forward-looking non-GAAP measures to their GAAP equivalents, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. In periods where there are not expected to be significant acquisitions or divestitures, the Company believes it might have a basis for forecasting the GAAP equivalent for certain costs, such as amortization, that would otherwise be treated as non-GAAP to calculate projected net income (loss). However, because other deductions (e.g., restructuring, gain or loss on extinguishment of debt and litigation settlements) used to calculate projected net income (loss) vary dramatically based on actual events, the Company is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income (loss) at this time. The amounts of these deductions may be material and, therefore, for example, could result in projected GAAP net income (loss) being materially less than projected Adjusted EBITDA (non-GAAP).

Management uses these non-GAAP measures as key metrics in the evaluation of Company performance and the consolidated financial results and, in part, in the determination of cash bonuses for its executive officers. The Company believes these non-GAAP measures are useful to investors in their assessment of our operating performance and the valuation of our Company. In addition, these non-GAAP measures address questions the Company routinely receives from analysts and investors and, in order to assure that all investors have access to similar data, the Company has determined that it is appropriate to make this data available to all investors. However, non-GAAP financial measures are not prepared in accordance with GAAP, as they exclude certain items as described herein. Therefore, the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

Please see the appendix to this presentation for a more detailed description of each non-GAAP financial measure used by the Company herein, including the adjustments reflected in each non-GAAP measure.

Our Impact on Health Care Today

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Every day up to 150 million people around the world use

a Valeant product

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Our Mission and Vision

Quality Health care Outcomes

Customer Focused

Innovation Efficiency People

OUR VISION

TO BE YOUR TRUSTED HEALTH CARE PARTNER

MISSION

To Improve People’s Lives With Our Health Care Products

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Valeant’s Three-Part Strategy

OUR MISSION

To Improve People’s Lives With Our Health Care Products

STABILIZE 2016

TURNAROUND 2017-2018

TRANSFORM 2018+

1. Drive Engagement

• Re-recruit Valeant employees and add outside talent

• Invest in relationships with patients, prescribers, payers and investors

2. Reallocate Strategic Resources on Core Businesses

• Focus on Dermatology, Gastroenterology and Eye Care

• Target R&D investment in growth/core businesses

3. Execute on Priorities

• Improve patient access and address pricing issues

• Simplify complexity in portfolio

• Reduce debt

• Manage legacy matters

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2016 Valeant Stabilization Plan

Delivering on Commitments: New Leadership Team

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NEW LEADERSHIP HIRES

Paul Herendeen Executive Vice President, Finance

Chief Financial Officer

Christina Ackermann Executive Vice President

General Counsel

Bill Humphries Executive Vice President,

Dermatology

Scott Hirsch Senior Vice President, Business

Strategy

Louis Yu Chief Quality Officer

Sam Eldessouky Senior Vice President Corporate Controller

EXPANDED ROLES

Tom Appio Executive Vice President/President,

Int’l

Tracy Valorie Senior Vice President,

Bausch + Lomb

Dennis Asharin Senior Vice President,

Manufacturing and Supply Chain

Mark McKenna Senior Vice President

and General Manager, GI

Chuck Hess General Manager, Surgical

Joe Gordon President,

Consumer Healthcare and Vision Care

Barb Purcell Senior Vice President/General

Manager, Neurology, Generics and Obagi

Kelly Webber Senior Vice President, Human

Resources

+ PRIMARY CARE SALES FORCE EXPANSION

Delivering on Commitments: Re-recruited Our Passionate Employees

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Delivering on Commitments: Focus on Products and Patients

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The Prescribing Information for Migranal includes a boxed warning about serious and/or life-threatening peripheral ischemia.

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Delivering on Commitments: Rebuilding Partnerships

SUPPLIER OF THE YEAR

for U.S. Manufacturing in Consumables and Health

& Wellness

CANADA’S MOST TRUSTED BRANDS

for Contact Lens Solution

Biotrue® ONEday

Most Popular Ophthalmic

Contact Lens at the Vision-X VP

Awards

Ocuvite

topped a Polish consumer survey in the category, Eye Vitamins/ Supplements

Solta’s Clear + Brilliant pélo™

Aesthetic Industry Award for Best Laser Hair Removal

Device

Waterford, Ireland plant

two-time finalist (2015, 2016) for

‘The Green Manufacturer

Award’

Launched New Prior Authorization Program for Dermatology/Dermatology Rx Recovery

Continued Consistent Growth in Consumer Business

Initiated Xifaxan® (rifaximin) New Formulation Activities/PCP Strategy

Stabilized Salesforce

Launched Relistor® Oral (methylnaltrexone bromide) Tablets

Won 18-0 Vote from Brodalumab FDA Advisory Committee (approved as SILIQ™ on Feb. 15, 2017)

Licensed Novel Bowel Cleansing Product Candidate

Introduced PreserVision® AREDS 2 Formula + Multivitamin

Launched Bausch + Lomb ULTRA® for Presbyopia contact lenses

Reduced Permanent Debt – Paid down ~$1.84B in full year 2016; $294M in Q4 (exceeded $1.7B commitment for 2016)

Delivering on Commitments: Execution in 2016

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• We have simplified our operating model by divesting or agreeing to divest:

– Skincare - CeraVe®, AcneFree® & AMBI®

– Dendreon (expected to close mid-year)

– Synergetics OEM

– Ruconest®

– Brodalumab EU Rights

– Delta (Brazil)

– Euvipharm (Vietnam)

– Armoxindo (Indonesia)

– Paragon – Cosmederme (Canada)

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Delivering on Commitments: Simplifying the Business

Upon completion of the transactions announced, we will have generated asset sale proceeds of ~$2.35B (upfront) and future milestones of ~$0.35B,

or total potential proceeds of $2.7B

Delivering on Commitments: Reducing Debt

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In aggregate, Valeant has now reduced approximately

$3.6 billion of debt since the end of 1Q 2016.

• We reiterate our August 2016 expectation to pay down $5B of debt from divestiture proceeds and free cash flow within an 18 month timeframe of that initial statement.

• Stable current and forecasted liquidity position

• $1.84B in permanent debt repayment in 2016

• $1.2B total debt repayment in 2016

• Completed all 2017 mandatory amortization payments in 2016

• We expect to remain in compliance with our Credit Agreement financial maintenance covenants throughout 2017

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The Future of Valeant

OUR MISSION

To Improve People’s Lives With Our Health Care Products

STABILIZE 2016

TURNAROUND 2017-2018

TRANSFORM 2018+

Strengthen balance sheet

Focus on specialty markets

Focus on markets with above average growth rates

Focus on leadership position and pipeline

Efficient resource allocation

Hired new management team

Fixing derm

Growing Salix

Paying down debt

Stabilizing salesforce

2016-2017 action plan

Added new segment

transparency

Lead in our categories

Launch new products

Balance organic and inorganic growth

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Investing in the New Valeant Business

Salix Primary Care Salesforce

Dermatology Bausch + Lomb

• Increasing field force by 40% • Increasing market access team to support Walgreens and Independent Pharmacies model

• Investing in contact lens manufacturing capabilities to yield improved capacity and cost/lens

R&D Identified opportunities in

our Diversified Business Women’s Health

• Increasing investment in pipeline by ˜150 bps over 2015 after substantial investment since new management took over in 2016

• Launching sales efforts for underappreciated assets

• Migranal® (dihydroergotamine mesylate, USP)*

• Diastat® (diazepam rectal gel)

• Zelapar® (selegiline hydrochloride)

• Cycloset® (bromocriptine mesylate)

• Launching Find My Spark campaign to support education and awareness for Addyi® (flibanserin)**

*The Prescribing Information for Migranal includes a boxed warning about serious and/or life-threatening peripheral ischemia. **The Prescribing Information for Addyi includes a boxed warning about the risk of severe hypotension and syncope if taken with alcohol.

Anticipated R&D Catalysts in 2017 • SAN-300 (Rheumatoid Arthritis) Phase II data read out H1

• enVista® Trifocal (Intraocular Lens) Initiate IDE study in H1

• New Material (Ophthalmic Viscosurgical Device); Initiate IDE in H1

• Loteprednol Gel 0.38% (Ocular Inflammation) Complete Phase III enrollment

• IDP-120 (Acne) Initiate Phase III in H2

• IDP-123 (Psoriasis) Initiate Phase III in H2

• New Xifaxan® Formulation (New Indication) Initiate study in H2

• IDP-126 (Acne Combination) Initiate Phase I in H2

• Teneo (Excimer laser); Initiate IDE study in H2

• Bausch + Lomb ULTRA® Extended Wear Indication – H1

• Luminesse (Eye Brightener) – H1

• IDP-118 (Psoriasis) – H2

• IDP-121 (Acne Lotion) – H2

• IDP-122 (Psoriasis) – H2

• Next Generation Thermage – H1

• Stellaris Elite™ and Vitesse ™ – Approved in April; launch in H2

• Latanoprostene bunod (Vyzulta™*) for reduction of intraocular pressure in glaucoma – H2

• Bausch + Lomb ULTRA® for Astigmatism lenses – H1

• SILIQ™ (brodalumab) – Q3

LATE PHASE

SUBMISSIONS

APPROVALS AND LAUNCHES

18 * Provisionally approved name Dates above are anticipated only, based on the Company’s current best estimate, and actual dates may occur earlier or later.

~ +50 Product Launches Expected Worldwide in 2017; ~ $100M in Annualized Revenues

• Total U.S. Psoriasis Market : Estimated ~$7B in 2018

• Approved on Feb 15, 2017 for the treatment of moderate-to-severe plaque psoriasis in adult patients who are candidates for systemic therapy or phototherapy and have failed to respond or have lost response to other systemic therapies

• Mechanism of Action: works closer to receptor (blocker) than other biologics

• Boxed warning: Suicide/Suicidal Ideation; and REMS

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R&D Spotlight

• Potential indication: reduction of intraocular pressure in glaucoma

• ~3M Americans affected by glaucoma

• 17M Prostaglandin Rx’s written annually

– ~70% latanoprost molecule

• Total Glaucoma Market ~$3B

– Prostaglandin Market valued at $1.6B

• NDA refiled with FDA in February 2017

SILIQ™ (brodalumab) Approved

IDP-118: Second Half of 2017 NDA Filing

Latanoprostene bunod (Vyzulta™*) Refiled with FDA

• Potential Indication: moderate to severe plaque psoriasis in adults

• 1st corticosteroid-retinoid combination for psoriasis, if approved

• Studied in over 1,900 subjects in a comprehensive clinical program comprising 11 studies

• Two Positive Phase 3 Trials, Long Term Safety Trial near completion

* Provisionally approved name

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We Have Stabilized – Beginning Turnaround

OUR MISSION

To Improve People’s Lives With Our Health Care Products

STABILIZE 2016

TURNAROUND 2017-2018

TRANSFORM 2018+

Strengthen balance sheet

Focus on specialty markets

Focus on markets with above average growth rates

Focus on leadership position and pipeline

Efficient resource allocation

Hired new management team

Fixing derm

Growing Salix

Paying down debt

Stabilizing salesforce

2016-2017 action plan

Added new segment

transparency

Lead in our categories

Launch new products

Balance organic and inorganic growth

Question & Answer Period 2017 Annual Meeting of Shareholders

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